Sound Advice – Your Balancing Act

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Your Balancing Act

          Balancing a bike is like managing a business. It’s hard to balance a bike that’s standing still or coasting backwards, but when it’s moving forward, everything works better. In business, everything from supplier negotiations to attracting the best employees, is easier when you are growing and moving forward.

          As the economy is struggles forward, now is the time for you to build upon that momentum, however fragile it may be. Like riding the bicycle, the first few pedals towards forward motion are shaky, but once you have momentum in your favor, you’re on the way to a great ride.

          But things are better now. Do you really need a plan to grow more? The answer is a resounding “Yes!”

Why?

1.)  Your expenses will be growing. Employees will want raises, higher fuel costs will be reflected in shipping your products, taxes certainly are not going to decrease….if your business doesn’t grow, your losses will.

2.)  If you don’t grow your market share, your competitor will grow theirs. You certainly don’t want to wake up one morning to find your best suppliers, employees and/or customers have switched to “the market leader.”

3.)  There is no standing still. Most businesses experience a minimum 20% customer attrition per year, due to no fault of their own. Deaths, divorces, marriages, geographical moves, income changes, competitive factors, new products and demographic shifts take their toll if you are not growing new customers and new revenue streams.

4.)  Like riding the bicycle, it’s just more fun to be moving forward and building momentum. Everything works better in forward motion.

          In our Ten Tactics to Build Business Momentum, tactic number one is, “Know where you stand.” Talk to your vendors and your customers, and gather the competitive intelligence to estimate your current market share and identify your growth opportunities. It’s difficult to plan how to get to your destination if you don’t know where you are.

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